Citi sharply lifts OTE target to 15.0 euro sfrom 11.0 euros previously as it lowers its weighted-average –cost of capital assumptions and eliminates its discount to faur value on the price target. It reiterates the buy/high risk rating on the stock.

“We believe OTE is fundamentally one of the strongest incumbents in Europe,” says in a note dated May 17.

Citi argues that ‘OTE is one of the strongest and most investible assets in Greece and see material upside as fundamentals remain strong and continue to improve while the valuation discount to the sector is excessive.”